Saudi developer Dar Al Arkan to sell a 30 per cent stake of unit in IPO - The National:
"Dar Al Arkan Real Estate Development, the biggest publicly traded real estate developer in Saudi Arabia, has received a nod from its board for plans to sell a 30 per cent stake in its property management unit, joining a growing list of regional companies looking to raise funds through initial public offerings of their subsidiary businesses. "The company plans to file the offering application to the [ Saudi Arabia's] Capital Market Authority to obtain the approvals," Dar Al Arkan said in a statement the Tadawul stock exchange, where its shares are traded. Samba Capital & Investment Management is advising Dar Al Arkan on the deal, it said without giving a timeline of the transaction or how much it plans to raise through the share float. Dar Al Arkan Properties Company, is a wholly-owned unit and runs Dar Al Arkan's property management and leasing business. It has income producing assets worth 2.68 billion Saudi riyals (Dh2.62bn) spread across a number of cities in the kingdom."
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